Outer House case concerning a creditor’s right of sale over security subjects held under a standard security. The syndicate financed the purchase of a site at Eurocentral near Motherwell, on which a hotel and office complex (which remained unoccupied) were constructed, partly by means of a loan secured by a standard security. The syndicate failed to make payments under the loan agreement and Hadrian (the holder of the security) demanded payment of the loan, served a calling up notice ...
|
Introduction: We are pleased to welcome again Solicitor Mr Anis Waiz who recently joined forces with Simon Mckay of Mckay law. They are soon to launch a new firm Mckay Law LLP. In another in depth case review Anis consider this important decision on Limitation. This surrounded a number of technical issues on Limitation and the reader is referred to the Judgment of Central Bank of Nigeria v Williams [2012] EWCA Civ 415 (03 April 2012) in full. At its heart lay some very fine ...
|
Petrodel appealed against a decision to grant summary judgment to Munin on invoices for surveying work. Petrodel and Munin were parties to a novated agreement under which Munin was to carry out a seismic survey of 1,200km of Tanzanian waters. An exhibit to the contract containing a list of attached maps defined the location of the work. Post-novation, Petrodel provided surveying lines to bring the total up to 1,200km, but did not pay when it was invoiced. Petrodel argued that the relevant maps s ...
|
The appellant shipowner, Transpetrol, brought an appeal against a decision ([2011] EWHC 3374 (Comm)) that it was in breach of the oil companies approval clause in a voyage charter. Transpetrol had chartered the vessel Rowan on terms which incorporated Vitol's Voyage Chartering Terms as amended. The terms of the charter were in a recap-email which stated under the hearing "VESSEL INFO" that to the best of the owner's knowledge and without guarantee the vessel was approved by four named oil compan ...
|
Application for an administration order in respect of FM Front Door Ltd. The application followed FM’s failure to make payments under a loan from the Dunfermline Building Society obtained to assist with the purchase of flats at the Skyline development on Finniestoun Street in Glasgow. The loan was secured by a floating charge and standard securities over each of the flats. FM’s parent company FM Developments also granted a guarantee for the loan. Clause 13 of the loan agre ...
|
The pursuer was a company incorporated in Rwanda. In March 2009, it entered into a Concession Agreement with the Government of Rwanda whereby it was licensed to build, own and operate a power plant and gas production plant at Lake Kivu, on the border between Rwanda and the Democratic Republic of the Congo. The defender, a company incorporated in Scotland, had earlier entered into similar agreements with the Government of Rwanda. The defender was involved in arbitration proceedings, contending ...
|
The pursuer and defenders previously practised as partners in the firm of Pattison & Sim, Solicitors. This dispute had arisen from an agreement which the parties entered into in October 2005, when the pursuer proposed to retire from the partnership. The agreement provided for payment to the pursuer of sums (in instalments) to purchase his capital and interest in the firm. The defenders initially paid the instalments but on becoming aware of a potential liability of the firm to the Scottish S ...
|
Complicated case in which the Liquidator of the Letham Grange Development Company sought reduction of a security over the Letham Grange resort near Arbroath. The case involves a number of companies all controlled by a Mr Liu and his family. The grounds for challenge The Liquidator argued that the holder of the security (Foxworth) had (1) not acquired the rights under the security in good faith and for value and (2) the security was void as it was not in the correct form. Good fait ...
|
In this action, the pursuers and respondents sought decree for payment to them of £15,000 with interest, against the defender and appellant. The action was founded on the basis of a Personal Guarantee granted by the appellant to the respondent in respect of all sums owed from time to time to the respondents by the company, Fairclaim Limited, executed in June 2003. The appellant was a former direction of Fairclaim. The appellant submitted that he was unaware of the company’s previous ...
|
At first instance, the Lord Ordinary had required the creditors in this petition to produce documentation, for the purposes of conducting a proof. This documentation had previously been submitted to the petitioner as part of a valuation exercise, in connection with scheme sanctioning proceedings under sections 896 and 899 of the Companies Act 2006. The creditors reclaimed against the order of the Lord Ordinary, arguing that they were entitled to object to the production of such documentation and ...
|
| 1 2 3 4 5 6 7 8 9 10 ... |